Cryptocurrency regulations a global priority: Indian FM

The nation will host the G-20 meeting the following year, therefore it will influence the agenda.

How to regulate crypto assets, according to Indian Finance Minister Nirmala Sitharaman, should be a top concern on the global stage and will be a major topic of discussion at the summit that will kick off India’s one-year presidency of the Group of 20 nations. The G-20 meeting will be held in India the following year.

At a yearly gathering held by the Indian Council for Research on International Economic Relations on Tuesday, Sitharaman delivered some observations.

She noted that in order to create crypto rules with “all countries being on board,” India needs to encourage international organizations like the International Monetary Fund, Financial Stability Board, and Organization for Economic Cooperation.

“No one single government can succeed in trying to regulate the crypto assets independently, being in a silo,” she stated.

India has not yet passed legislation governing crypto, according to Sitharaman, because “we need to have all the G-20 members first come on board to see how best it can be done.”

India’s chief economic adviser, V. Anantha Nageswaran, concurred with Sitharaman’s remarks at the same conference, saying that one of the top priorities of India’s G-20 presidency will be to find “consensus-based solutions for accelerating the scale and scope of the global community’s response to many transboundary challenges, such as regulation of virtual assets.”

Sitharaman, for her part, made it plain that she was discussing cryptocurrencies as assets rather than currencies, which are the purview of the Reserve Bank of India, the nation’s central bank.

Because of the uncertainty of the future, it is in the interest of the country to regulate cryptocurrencies as assets. Is it money for drugs? Is it money for terrorism? Or is it just a case of gaming the system, etc.?” she asked.

Another goal of India’s G-20 presidency will be to showcase its digital revolution, which includes the country’s digital currency, which the RBI began to test on Tuesday, according to Sitharaman.

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